NASDAQ, INC.

Security & Commodity Brokers, Dealers, Exchanges & Services·NEW YORK, NY·FY end 12/31·CIK 1120193

CEO Pay Ratio

246:1

Adena T. Friedman

CEO Total Comp

$25.0M

Adena T. Friedman

Median Employee

$101,885

Revenue

$8.3B

FY 2025

Net Income

$1.8B

FY 2025

Free Cash Flow

$2.0B

FY 2025

Net Margin

21.6%

Insider Net (180d)

-$20.2M

1 buys / 8 sales

CEO Pay Accountability

CEO comp as % of net income

1.40%

For every $1,000 of profit, $13.99 flows to the CEO.

CEO comp as % of buybacks

4.06%

CEO comp equals 40.6‰ of cash returned to shareholders via buybacks.

5-year history · USD

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	Trend
Revenue	$8.3B	$7.4B	$6.1B	$6.2B	$5.9B
Gross Profit	$5.2B	$4.6B	$3.9B	$3.6B	$3.4B
Operating Income	$2.3B	$1.8B	$1.6B	$1.6B	$1.4B
Net Income	$1.8B	$1.1B	$1.1B	$1.1B	$1.2B
Operating CF	$2.3B	$1.9B	$1.7B	$1.7B	$1.1B
Capex	$266.0M	$207.0M	$158.0M	$152.0M	$163.0M
Free Cash Flow	$2.0B	$1.7B	$1.5B	$1.6B	$920.0M
Buybacks	$616.0M	$145.0M	$269.0M	—	—
Dividends	—	—	—	$383.0M	$350.0M

Gross Margin	63.5%	62.8%	64.2%	57.5%	58.1%
Operating Margin	28.2%	24.3%	26.0%	25.1%	24.5%
Net Margin	21.6%	15.1%	17.5%	18.1%	20.2%
FCF Margin	24.1%	23.4%	25.4%	25.0%	15.6%
R&D / Revenue	—	—	—	—	—	—
Effective Tax	16.7%	23.1%	24.6%	23.9%	22.6%
Debt / Equity	1.40	1.62	1.88	1.54	1.50
Buybacks / FCF	31.0%	8.4%	17.5%	—	—

FY 2025

Executive	Salary	Stock	Options	Bonus / Inc.	Other	Total
Adena T. FriedmanChair and CEO	$1.4M	$17.5M	—	$6.1M	$77.1K	$25.0M
Tal CohenPresident	$736.5K	$14.7M	—	$1.9M	$33.5K	$17.4M
Sarah YoungwoodEVP and CFO	$736.5K	$7.0M	—	$2.2M	$21.0K	$9.9M
P.C. Nelson GriggsPresident	$736.5K	$5.2M	—	$2.4M	$21.0K	$8.4M
Bradley J. PetersonEVP and CIO/CTO	$650.0K	$3.7M	—	$1.7M	$35.7K	$6.1M